CoinGecko's data indicates a significant decline in trading volume, with Bitcoin's 24-hour volume falling from $27 billion on Friday, March 3 to $16 billion on Monday, March 6.
CryptoQuant's report suggests that funding rates indicate a bearish sentiment in the current market, with investors betting on further price declines.
The economy's resilience to interest rate hikes has put Powell in a difficult position.
The stronger-than-expected job numbers in January highlighted the need for the Fed to take action to address inflation.
CME's FedWatch tool indicates a 69% chance of a 25 basis point increase and a 30% chance of a 50 basis point increase, while PolyMarket predicts an 80% likelihood of a 25 bps rise during the March meeting and a 23% chance of a 50 bps increase thereafter.